What is a 'Blacklist'
A blacklist is a list of persons or organizations that are penalized because they are believed to engage in unfavorable or unethical activity. A blacklist may be maintained by any entity, ranging from a small business enterprise to an inter-governmental body. Depending on the scope of the blacklist, it may either be secret or public.
A common misconception concerns the purported existence of a "credit blacklist" to deny loans to consumers with poor or spotty credit histories. The reality is that creditors and lending agencies rely on the consumer's credit history rather than a blacklist to guide their loan decisions.
BREAKING DOWN 'Blacklist'
The negative effects of being blacklisted can be quite considerable, with huge inconvenience being the least of them; the more severe effects include loss of credibility and goodwill, a decline in business and clients and financial hardship.
An example of a secret blacklist includes the "No-Fly List" maintained by the U.S. Department of Homeland Security, which lists people who are not permitted to board a commercial flight to travel into or out of the United States. An example of a public blacklist is the list of countries maintained by the Financial Action Task Force (FATF), which lists countries that the FATF considers to be uncooperative in the global effort against money laundering and terrorist financing.
-
Credit Rating
A credit rating is an assessment of the creditworthiness of a ... -
Credit Reporting Agency
A credit reporting agency is a business that maintains historical ... -
Credit Score
A credit score is a number ranging from 300-850 that depicts ... -
Credit Limit
Credit limit is the amount of credit that a financial institution ... -
Consumer Credit
Consumer credit is a debt that someone incurs for the purpose ... -
Bank Credit
Bank credit is the amount of credit available to a company or ...
-
Small Business
How To Increase Your Appeal To Prospective Lenders
Making a business eligible for loans/credit cards at the best possible rates requires crafting an excellent credit profile through the smart use of credit. -
Personal Finance
Why You Should Improve Your Credit and How to Do It
With credit playing a big role in many financial decisions, it is important to maintain good credit. -
Personal Finance
The Importance Of Your Credit Rating
A great starting point for learning what a credit score is, how it is calculated and why it is so important. -
Personal Finance
Build Your Credit Score
Here are four good ways to build your credit score when you're starting from scratch. Do it right and you'll end up with excellent credit. -
Personal Finance
Is Your Credit Score at 850? It Can Be!
Use these tips to increase your credit score and your ability to get low interest rates on loans. -
Personal Finance
Monitoring Your Credit? Keep These 5 Things in Mind
Your credit history is a key financial diary of your life. Here are five things to consider when making sure your credit is healthy. -
Personal Finance
How to Read Your Consumer Credit Report
Learning how to read your consumer credit report is vital, as it includes important information about your credit history. -
Personal Finance
7 Things You Didn't Know Affect Your Credit Score
Having a good credit score plays a big part in being approved for a loan or a mortgage. Here are some things to watch for to keep your credit score healthy. -
Personal Finance
Credit Scams To Watch Out For
More than 30 million people were victims of fraud in 2007. Will you be next? -
Personal Finance
Analyzing a Career in Credit Analysis
If you're a number-cruncher and responsibility doesn't scare you, this could be the job for you.
-
Who sets the global standard to stop money laundering and how is it implemented?
Find out how the Financial Action Task Force and International Monetary Fund are working to resolve the problems of money ... Read Answer >> -
How do I transfer my credit card history from one country to another?
Find out about some of the reasons why it is currently impossible to transfer your credit history to another country if you ... Read Answer >> -
What information do lenders need when I apply for a credit limit increase?
Increase your credit limit by making sure your current credit is paid on time and by paying the largest amount you can afford ... Read Answer >>